WVIBMC Business Model Competition Overview
Discover the essence of the WVIBMC Business Model Competition (WVIBMC) focusing on its significance, success strategies, and key components such as design thinking and the LEAN Canvas model for business development.
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Presentation Transcript
Jeremy Turner, M.B.A. Olen York, J.D., LL.M.
Todays Agenda What is WVIBMC? Why does WVIBMC matter? How do you succeed at WVIBMC?
What is WVIBMC? Statewide business model competition Designed to enhance, not replace, other current initiatives Student teams from 2- or 4-year institutions Blend of E-ship methods, best practices Focus on desirable, viable, and feasible startups
Why Does WVIBMC Matter? More student E-ship activity More startup activity More durable businesses More investable businesses Community & economic impact Growth, networking, wealth dev
How Do You Succeed? Put in the work Follow the process Embrace failure Maintain intellectual curiosity Seek help where needed Fall in love with a meaningful problem Focus on designing a business
Methods + Tools + Processes Brief Overview WVIBMC Success is Blend of E-ship current best practices oDesign thinking (empathy) oCanvas for bus modeling (structure) oLean Startup (forward failure)
Business Model Development What? Why? & How? Of the LEAN Canvas Visual mapping tool Model components Hypotheses for testing Rapid idea development Fluid, iterative
Business Model Development What? Why? & How? Of Design Thinking Five Keys to Design Thinking 1. Truly understand your customers problems. 2. Create diverse ideas. 3. Propose/ build a scrappy solution. 4. Test your solution with customers to get their feedback. 5. Learn from your failures. How do you fail intelligently? 1. FAIL FAST to learn quickly. 2. FAIL OFTEN to learn a lot. 3. FAIL CHEAP to learn inexpensively.
Definitions | Steps & Milestones Key Definitions Desirable Viable Feasible Durable Investable Steps & Milestones Defined steps, milestones & outcomes from idea to business model o Problem-Solution Fit (Qualifier) o Product-Market Fit (Finals) o Aspirational Business Mod Fit (Finals)
2022 April 6, 2022 March 28, 2022 by March 12, 2022 January 2022 Cash Awards/Equivalents will be awarded to Top Teams Top Teams Invited to Pitch to Investors WV Ecosystem Showcase @ Charleston, WV Finals Campus Qualifying Event Campus Launch @ Marshall Univ.
Eligibility & Competition Format Team Size: 1 5 students (2+ highly encouraged) Must be from 2- or 4-year college / university in WV Interdisciplinary teams are encouraged Colleges / universities host local qualifying competition and select one team to advance to the final competition Teams will present their innovation story (5 min. max, followed by a 10 min. Q&A) Final competition will pit winners from each college/university similar presentation format except teams have 8 min. max + 10-12 min. Q&A Final competition will be hosted by Marshall University on Monday, March 28th in the Don Morris Room - MSC
WVIBMC Event Structure - Institutional Institutional event must be held before March 12th Teams present for 5 mins max (10 min. Q&A) Judging panel with business knowledge and/or experience Judges using same judging rubric as other partners/hosts One winner to be selected to move onto the final competition Winning team must submit their final PowerPoint deck to WVIBMC organizers by March 27th
WVIBMC Judging Rubric General Criteria Problem-Solution Fit (Threshold for Qualifier) Customer-Solution Fit Product-Market Fit (Threshold for Finals) Product-Channel Fit Business Model Fit
WVIBMC Judging Rubric General Criteria Problem-Solution Fit (Threshold for Qualifier) Customer-Solution Fit Product-Market Fit (Threshold for Finals) Product-Channel Fit Next Session in Late Feb Business Model Fit Next Session in Late Feb
WVIBMC Judging Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers
Competition Support Team Supporting You Partnering with your institution Workshops/ trainings Sharing created and curated content Sharing tools and guides Available for questions/ concerns Additional support as needed
WVIBMC Judging Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers
Business Model Development + Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) Customer-Solution Fit Product-Market Fit (Threshold for Finals)
Business Model Development + Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) Customer-Solution Fit Product-Market Fit (Threshold for Finals)
Problem-Solution Fit Evolution of New Business Venture Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer- Problem Fit I ve verified who else is bugged by this. Problem- Solution Fit I have a meaningful solution to squash the bug. Customer- Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product- Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem-Solution Fit Evolution of New Business Venture Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer- Problem Fit I ve verified who else is bugged by this. Problem- Solution Fit I have a meaningful solution to squash the bug. Customer- Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product- Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem-Solution Fit Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Cust. Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer-Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer-Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem-Solution Fit Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Cust. Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer-Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer-Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem-Solution Fit Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Cust. Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer-Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer-Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem-Solution Fit Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Cust. Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer-Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer-Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem-Solution Fit Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Cust. Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer-Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer-Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem-Solution Fit Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Cust. Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer-Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer-Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem-Solution Fit Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Cust. Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer-Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer-Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem Awareness, Ideation & Opportunity Recognition Every successful business solves a problem PAIN o Is it meaningful + monetizable? (pain, mkt, $$$) o Are you passionate about discovering a solution? What s your idea to address pain? o Current alternatives (good & bad) o Divergent to Convergent (brainstorming) o Most critical Does pain represent an opportunity? o Who has these critical problems? (all segments) o Who would be first in line? (early adopters) o On whom do you focus? (primary customer segment) Experiment/test to discover o Wrong assumption(s) change/pivot o Validated assumption(s) move to next phase Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer-Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer-Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Problem Awareness, Ideation & Opportunity Recognition Pain requires a tourniquet (significant) + customer s recognize Would respond to cold call message about pain DON T GUESS test | avoid choosing insign / narrow pain Identifying Customer Pain Define a Proposed Solution to Pain Can be breakthrough solution (new/novel) Can be better/faster/cheaper solution (incremental) Solves a meaningful + monetizable pain Identify alt vs & brainstorm idea to address pain Test Pain + Sol n Hypothesis Wrong assumption(s) change or pivot Validated assumption(s) move to the next assumption/challenge Research Sufficiently Large Mkt + Growing
Problem Awareness, Ideation & Opportunity Recognition Pain requires a tourniquet (significant) + customer s recognize Would respond to cold call message about pain DON T GUESS test | avoid choosing insign / narrow pain Identifying Customer Pain Define a Proposed Solution to Pain Can be breakthrough solution (new/novel) Can be better/faster/cheaper solution (incremental) Pain + Solution Hypothesis Template o For [target customer] o Who [describe monetizable pain experienced by trgt) o The [proposed solution] + [key benefit to trgt] o Unlike [primary alternative(s) available to trgt] o The solution [how it is different from alternative(s)] Test Pain + Sol n Hypothesis Wrong assumption(s) change or pivot Validated assumption(s) move to the next assumption/challenge Research Sufficiently Large Mkt + Growing
Problem Awareness, Ideation & Opportunity Recognition Pain requires a tourniquet (significant) + customer s recognize Would respond to cold call message about pain DON T GUESS test | avoid choosing insign / narrow pain Identifying Customer Pain Define a Proposed Solution to Pain Can be breakthrough solution (new/novel) Can be better/faster/cheaper solution (incremental) Pain + Solution Hypothesis Template Test Pain + Solution Hypothesis o Define/find sample customers based on trgt o Contact potential customers (3 to 6 trgts) o Collect/measure/analyze data or information o Resist changing/pivoting too quickly before collecting info from 3 to 6 Test Pain + Sol n Hypothesis Wrong assumption(s) change or pivot Validated assumption(s) move to the next assumption/challenge Research Sufficiently Large Mkt + Growing
Problem Awareness, Ideation & Opportunity Recognition Pain requires a tourniquet (significant) + customer s recognize Would respond to cold call message about pain DON T GUESS test | avoid choosing insign / narrow pain Identifying Customer Pain Define a Proposed Solution to Pain Can be breakthrough solution (new/novel) Can be better/faster/cheaper solution (incremental) Pain + Solution Hypothesis Template Test Pain + Solution Hypothesis Test Pain + Sol n Hypothesis Wrong assumption(s) change or pivot Validated assumption(s) move to the next assumption/challenge Research Sufficiently Large Mkt + Growing
Problem Awareness, Ideation & Opportunity Recognition Pain requires a tourniquet (significant) + customer s recognize Would respond to cold call message about pain DON T GUESS test | avoid choosing insign / narrow pain Identifying Customer Pain Define a Proposed Solution to Pain Can be breakthrough solution (new/novel) Can be better/faster/cheaper solution (incremental) Pain + Solution Hypothesis Template Test Pain + Solution Hypothesis Test Pain + Sol n Hypothesis Wrong assumption(s) change or pivot Validated assumption(s) move to the next assumption/challenge Primary + Secondary Rsrch o Primary Evid Suggests o Secondary Info Suggests Research Sufficiently Large Mkt + Growing
Problem-Solution Fit & Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers
Problem-Solution Fit & Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers
Problem-Solution Fit & Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers
Problem-Solution Fit & Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers
Problem-Solution Fit & Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers Problem-Solution Fit
WVIBMC Judging Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers
Customer-Solution Fit Evolution of New Business Venture Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer- Problem Fit I ve verified who else is bugged by this. Problem- Solution Fit I have a meaningful solution to squash the bug. Customer- Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product- Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Customer-Solution Fit Advanced Judging Criteria Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer- Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer- Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Customer-Solution Fit Evid. proposed solution + key benefit(s) are provided to target customer(s) o Maturing value proposition o Spectrum of benefits o Weak o Strong Evid. of switching behavior resistance/acceptance by customers o Must give customers reason to switch from existing alternatives o Spectrum o Complete Resistance o No Resistance Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer- Problem Fit I ve verified who else is bugged by this. Problem-Solution Fit I have a meaningful solution to squash the bug. Customer- Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Customer-Solution Fit & Rubric Advanced Judging Criteria Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob
Customer-Solution Fit & Rubric Advanced Judging Criteria Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob
Customer-Solution Fit & Rubric Advanced Judging Criteria Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit
WVIBMC Judging Rubric General Criteria for Qualifier Stage Problem-Solution Fit (Threshold for Qualifier) o Evid of Customer Pain + Sign. + Freq. + Number o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Customer-Solution Fit o Evid of Key Benefits (Value Proposition) o Evid of Switching Behavior by Consumers Product-Market Fit (Threshold for Finals) o Evid Solution/Product Distinct from Ex. Alt vs o Evid of Competition for Customers
Product-Market Fit Evolution of New Business Venture Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer- Problem Fit I ve verified who else is bugged by this. Problem- Solution Fit I have a meaningful solution to squash the bug. Customer- Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product- Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Product-Market Fit Advanced Judging Criteria Product-Market Fit o Evid. proposed solution (prod) is distinct from existing alternatives o Evid. proposed solution (prod) will compete against existing competition o Evid. Proposed brand/name is distinct from alt vs / competition o Evid of Size + Potential of Market o Evid of Proposed Solution Addressing Prob Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer- Problem Fit I ve verified who else is bugged by this. Problem- Solution Fit I have a meaningful solution to squash the bug. Customer- Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
Product-Market Fit Advanced Judging Criteria Product-Market Fit o Evid. proposed solution (prod) is distinct from existing alternatives (spectrum) Me/Us Also or Cut-n-Paste Radically Different o Evid. proposed solution (prod) will compete agst existing comp (spectrum) No Ocean Blue Ocean Clear Ocean Problem Awareness This REALLY bugs me. Idea Generation I think I know how to solve this problem. Opportunity Recognition If it bugs me, it may bug others too. Customer- Problem Fit I ve verified who else is bugged by this. Problem- Solution Fit I have a meaningful solution to squash the bug. Customer- Solution Fit My solution works for my customer segment. Product-Market Fit My solution will compete within the market. Product-Channel Fit I know how to get my solution to the market. Business Model Fit My business could actually work.
